The Silicon Valley Bank collapse highlighted the importance of a little-discussed but key feature of healthy banks and fintechs - backup servicing.
Could AI have prevented the SVB crisis? Maybe not completely, but consumer sentiment analysis could have dramatically reduced its impact.
We will be live-updating the Silicon Valley Bank crisis story as new developments emerge through the weekend.
First Citizens Bank has acquired part of the failed SVB, announced the FDIC yesterday.
The Silicon Valley Bank (SVB) collapse will improve financial system health if it moves systems towards decentralized finance (DeFi). That pulls them away from the single points of failure that caused the most damage over the past few weeks, Paystand CEO Jeremy Almond said.
Will this be enough to break the spiralling loss of confidence in the banking system?
Following the SVB crisis, already precarious Credit Suisse has struggled to hold the confidence of investors. UBS has agreed to acquire.
Making news in fintech this week was the former Silicon Valley Bank CEO, Microsoft, Goldman Sachs, OpenAI, Nubank, Truist,. Jack Henry, FedNow, Ripple, Dave and more.
It was one of the most tumultuous weekends in the history of fintech, as federal regulators and government agencies took swift action to stop the bleeding after Silicon Valley Bank suddenly collapsed.
As the dust settles after the SVB fall, leaders are looking at ways forward. Many think fintech might have the upper hand.